Daily Archives: August 14, 2015

Power of Section 18 of Customs Act cannot be exercised arbitrarily

By | August 14, 2015

Power of Section 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – Supreme Court M/s Tata Chemicals Ltd. vs. Commissioner of Customs (Preventive), Jamnagar (Supreme Court), Civil Appeal No. 7439-7440 of 2004, Date of Pronouncement – May 14,2015. Brief of the case: The Hon’ble Supreme… Read More »

Anti dumping duty on Imports of Potassium Carbonate

By | August 14, 2015

Anti dumping duty on Imports of Potassium Carbonate NOTIFICATION NO. 40/2015-Cus.,(ADD), Dated: August 12, 2015  Seeks to impose anti-dumping duty on the imports of Potassium Carbonate, originating in or exported from Taiwan and Korea RP for a period of five years GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NEW DELHI NOTIFICATION NO. 40/2015-Cus.,(ADD),… Read More »

Anti dumping duty on imports of Flax or Linen Fabric

By | August 14, 2015

Anti dumping duty on imports of Flax or Linen Fabric NOTIFICATION NO. 39/2015-Cus.,(ADD), Dated- 12th August, 2015 Seeks to levy definitive anti-dumping duty on imports of Flax or Linen Fabric having flax content of more than 50% , originating in or exported from the People’s Republic of China and Hong Kong for a period of… Read More »

Interest Subvention Scheme

By | August 14, 2015

RBI/2015-16/152 FIDD.No.FSD.BC.59/05.04.02/2015-16 August 13, 2015 The Chairman / Managing Director All Public & Private Sector Scheduled Commercial Banks Dear Sir/Madam Union Budget – 2015-16 Interest Subvention Scheme Please refer to our letter FIDD CO.FSD.No.10740/05.04.02/2014-15 dated June 17, 2015 conveying extension of Interest Subvention Scheme upto July 31, 2015. In this regard, it is advised that… Read More »

LENDING IN FOREIGN CURRENCY

By | August 14, 2015

LENDING IN FOREIGN CURRENCY Question: Who can lend in Foreign Currency ? A ) Lending by Authorised Dealers Provisions are contained in Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000. If the required conditions are not satisfied, borrowing or lending is permissible only with permission of RBI. An authorised dealer in India… Read More »

Borrowing in Rupees on basis of guarantee issued by NRI

By | August 14, 2015

Borrowing in Rupees on basis of guarantee issued by NRI Question : Can the Person resident outside India gave guarantee of a loan  taken in Indian currency by resident in India from another  person resident in India ? A person resident in India can borrow in Indian rupees from another person resident in India. Such loan can be guaranteed by a… Read More »

Trade Credits for imports into India

By | August 14, 2015

Trade Credits for imports into India Question : What is the meaning of trade credits ? Trade credit means foreign currency credit/loan extended for imports into India, by overseas supplier, bank and Financial Institution for original maturity of less than three years – Schedule III of Foreign Exchange Management (Borrowing or Lending in Foreign Exchange)… Read More »

Foreign Currency loan Questions and Answers

By | August 14, 2015

Foreign Currency loan Question:  Whether the A person resident in India can borrow in foreign currency ? A person resident in India can raise foreign currency loans with permission of RBI. Provisions are prescribed in Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000. The borrowing in foreign exchange may be from an overseas… Read More »